Bullish Commentary on Rivian's Momentum

about 1 month ago

Tim Sten

"Rivian kind of came in and surprised me this week. wasn't doing so well last week after it had uh this AI and autonomy investor day. Traders were I think they needed a bit of time to metabolize what they'd been told. Um but now they're full sending on Rivian. Rivian up 22% this week. That's the best week since Janu uh July of last year and closed at a a two-year high. And Wedbush's Dan Ives boosted his price target from 25 from $16 to $25 today. And this really comes off the back of what they said at this autonomy day last week. This this push into building their own AI chips and getting full self-driving out. And also traders have really really been looking forward to Rivian dropping the R2. It's their midsize SUV. It's supposed to be a quote unquote cheaper model and they think it could really change the game. There's not really a lot of cheaper EVs in the market."

The speaker highlights an unexpected rebound in Rivian's stock performance, noting a 22% week increase and a record two-year high. He emphasizes catalyst points including an updated price target from Wedbush's Dan Ives, the company's push into developing its own AI chips, and anticipation around its upcoming R2 midsize SUV, positioning the company favorably in a competitive EV market.

Related Stocks